OnKure Therapeutics Files Q3 2024 10-Q

TL;DR

OnKure's Q3 10-Q is in: financials updated, stock plans detailed. #Biotech

AI Summary

OnKure Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial position, including details on its equity and stock-based compensation plans. Key financial data points from previous periods, such as retained earnings and accumulated other comprehensive income, were also referenced.

Why It Matters

This filing provides investors with an update on OnKure Therapeutics' financial health and operational details for the third quarter of 2024, crucial for understanding the company's current standing.

Risk Assessment

Risk Level: medium — As a biotechnology company, OnKure Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 0.1 — Additional Paid In Capital (Reported for 2023-07-01 to 2023-09-30)
• 0.1 — Private Placement (Reported for 2023-01-01 to 2023-09-30)

Key Players & Entities

• OnKure Therapeutics, Inc. (company) — Filer of the 10-Q
• Reneo Pharmaceuticals, Inc. (company) — Former company name
• 20240930 (date) — Period of report
• 20241107 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share OKUR The Nasdaq Stock Mar

Filing Documents

• okur-20240930.htm (10-Q) — 1817KB
• okur-ex31_1.htm (EX-31.1) — 17KB
• okur-ex31_2.htm (EX-31.2) — 16KB
• okur-ex32_1.htm (EX-32.1) — 15KB
• 0000950170-24-123233.txt ( ) — 6490KB
• okur-20240930.xsd (EX-101.SCH) — 1034KB
• okur-20240930_htm.xml (XML) — 883KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 Part II Other Information 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 82 Item 6. Exhibits 83

Financial Information

Part I. Financial Information ONKURE THERAPEUTICS, INC. (Formerly Reneo Pharmaceuticals, Inc.) Consolidated Balance Sheets (In thousands, except share and par value data) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 60,689 $ 27,632 Short-term investments 15,979 75,331 Prepaid expenses and other current assets 331 3,659 Total current assets 76,999 106,622 Property and equipment, net 59 134 Right-of-use assets 440 599 Other non-current assets 147 81 Total assets $ 77,645 $ 107,436 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 237 $ 8,717 Accrued expenses 725 9,129 Private placement deposit 2,000 — Operating lease liabilities, current portion 286 331 Total current liabilities 3,248 18,177 Operating lease liabilities, less current portion 379 642 Performance award — 7 Total liabilities 3,627 18,826 Commitments and contingencies Stockholders' equity: Common stock, $ 0.0001 par value; 200,000,000 shares authorized at September 30, 2024 and December 31, 2023; 3,343,525 shares issued and outstanding at September 30, 2024 and 3,342,034 shares issued and outstanding at December 31, 2023, respectively — — Additional paid-in capital 309,969 307,076 Accumulated deficit ( 235,953 ) ( 218,474 ) Accumulated other comprehensive income 2 8 Total stockholders' equity 74,018 88,610 Total liabilities and stockholders' equity $ 77,645 $ 107,436 The accompanying notes are an integral part of these consolidated financial statements. 5 ONKURE THERAPEUTICS, INC. (Formerly Reneo Pharmaceuticals, Inc.) Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Op

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Organization and Business On October 4, 2024 (the Closing Date), Reneo Pharmaceuticals, Inc., a Delaware corporation and our predecessor company (Reneo), consummated the previously announced merger pursuant to the terms of the Agreement and Plan of Merger, dated as of May 10, 2024 (the Merger Agreement), by and among Reneo, Radiate Merger Sub I, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Reneo (Merger Sub I), Radiate Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of Reneo (Merger Sub II), and OnKure, Inc., a Delaware corporation (Legacy OnKure). Pursuant to the Merger Agreement, on the Closing Date, (i) Reneo effected a reverse stock split of Reneo's issued common stock at a ratio of 1:10 (the Reverse Stock Split), (ii) Reneo changed its name to "OnKure Therapeutics, Inc.", (iii) Reneo reclassified all of its common stock as Class A Common Stock, and (iv) Merger Sub I merged with and into Legacy OnKure (the Merger), with Legacy OnKure as the surviving company in the Merger and, after giving effect to such Merger, Legacy OnKure became a wholly-owned subsidiary of OnKure Therapeutics, Inc. (together, the Combined Company). Pursuant to the terms of the Merger Agreement, OnKure determined that the Merger would qualify for the intended tax treatment even if only the merger with Merger Sub I was consummated, and therefore the parties determined not to consummate the second merger with Merger Sub II contemplated by the Merger Agreement. Concurrently with the closing of the Merger, Reneo completed a private placement with certain investors (the PIPE Investors) to purchase 2,839,005 shares of Class A Common Stock at a price per share of approximately $ 22.895 per share for an aggregate purchase price of approximately $ 65.0 million, including the conversion of outstanding convertible notes and accrued but unpaid interest thereon held by

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View this 10-Q filing on SEC EDGAR